Wednesday, February 13, 2008

Smoot-Hawley Tariff Act - Wikipedia, the free encyclopedia

Potentially one of the worst laws to pass in the US, extending the Great Depression, ticking off their trade partners (including Canada) and causing a general feeling of disgust at the protectionist measures being enacted.

This would be equivalent to a Great Leap Forward in terms of its effect on the population and the economy, or perhaps an injection of subprime and fraud into otherwise marketable securities.

The Hawley-Smoot Tariff (or Smoot-Hawley Tariff Act)[1] was signed into law on June 17, 1930, and raised U.S. tariffs on over 20,000 imported goods to record levels, and, in the opinion of most economists, worsened the Great Depression. Economists have now generally regarded this Tariff Act (i.e., tax increase on imported goods) as the greatest policy blunder in American economic history, coming as it did after the 1929-30 recession and preventing the economy from a full, natural recovery which had already started by the Spring, 1930. Many countries retaliated with their own increased tariffs on U.S. goods, and American exports and imports plunged by more than half.

Source: Smoot-Hawley Tariff Act - Wikipedia, the free encyclopedia

Plus Ben Stein's performance made Ferris Bueller's Day off...

... Bueller?  ... Bueller?

No comments: